Solution-Associated marginal utility function

Associated marginal utility function

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Reference no: EM131220131

There are two consumers on the market : Jim and Donna. Jim's utility function is U(x,y)=xy, with associated marginal utility function MUx=y and MUy=x. Donna's utility function is U(x,y)=x^2 y ,and MUx=2xy,MUy=x^2. Income of jim is Ij=100 and income of Donna is Id=150

(a) Find optimal basket of jim and donna when price of y is Py=1, and price of x is P.

(b) On separate graphs plot jim's and donna's demand schedule for x for all value of P.

(d) Plot aggregate demand when there is one more consumer that has identical utility function and income as donna.

Reference no: EM131220131

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Associated marginal utility function : There are two consumers on the market : Jim and Donna. Jim's utility function is U(x,y)=xy, with associated marginal utility function MUx=y and MUy=x. Donna's utility function is U(x,y)=x^2 y ,and MUx=2xy,MUy=x^2. Income of jim is Ij=100 and inco..

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Associated marginal utility function

Reference no: EM131220131

Reference no: EM131220131

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